Business

Canadian business journal Honey badger acquires 5.5 million ounces of silver (A) (B) historic resources in the clear lake deposits of the Yukon Territory

Toronto, March 29, 2022 (GLOBE NEWSWIRE) — Honey Badger Silver Inc. (TSX-V: TUF) (“Honey Badger” or “Company”) announces acquisition of 100% stake in Clear Lake did. Deposit in Yukon’s Whitehorse Block and pay a total of $ 250,000 in cash. This applies to a 1% pure smelter return royalty (“NSR”) for all metals except silver. Clear Lake deposits are classified as deposit-breath deposits (“SEDEX”), which are known to contain significant amounts of silver while being an important source of zinc and lead.

highlight:

  • Created by SRK Consulting in 2010 according to National Instrument 43-101 (“NI 43-101”), 22 grams of 5.5 million ounces of silver per ton, plus 7.6% zinc and 185 million pounds of lead. Grading 1.08%((((A).(B).;
  • Very high acquisition costs.
  • Real estate will benefit from Class 3 land use approvals valid until 2029. This will allow up to 31,500 meters of diamond drilling and 2000 meters of reverse circulation drilling.
  • Diamond drilling and the discovery of additional mineralization of properties may identify existing resources and, in some cases, phase out expansion.

Honey Badger Chairman Chad Williams said:, “The acquisition of Clear Lake is one of the best mining jurisdictions in the world where we are currently operating higher, with on-the-spot silver resources on a highly value-added basis. It represents the milestone of acquiring quality assets. The Grade Plata Silver Project. This acquisition demonstrates our strategy to identify and execute a highly growing target silver acquisition. Clear Lake Linked to loyalty / stream spin-offs or potentially other commodities from significant zinc and lead donations, which not only provide shareholders with exposure to silver resources, but are not a major concern for Honey Badger. Innovative equipment such as non-alternative tokens (“NFT”) – keep an eye out for more news in this regard. “

The rationale for the acquisition of Clear Lake and future strategic options:

With the acquisition of Clear Lake, Honey Badger will acquire 5.5 million ounces of silver historic resources. This transaction is an important step in our strategy of aggregating silver assets at various stages of development and providing shareholders with maximum exposure to silver prices, and we are part of this ongoing strategy. We continue to actively evaluate. In addition, Clear Lake’s historic resources include significant zinc and lead (1.3 billion pounds of zinc and 185 million pounds of lead). Honey Badger explores various options for monetizing this historic base metal resource. This includes the sale of zinc and / or lead streams and royalty, or other means.

Past resources were estimated by SRK for Copper Ridge Exploration Inc., reported in the NI 43-101 Technical Report dated February 3, 2010, and were 43-101 compliant at the time of signing. Qualified persons have not done enough work to classify past estimates as current mineral resources or reserves, and issuers do not treat past estimates as current mineral resources or reserves. Hmm.

About Clear Lake Deposit:

Clear Lake deposits are classified as SEDEX massive zinc sulfide-lead-silver deposits. SEDEX deposits are known to contain significant amounts of silver, while accounting for about 50% of the world’s current zinc and lead reserves.((((C)...

The Clear Lake deposit hosts the historic NI43-101 estimated resource prepared by SRK for copper ridge exploration. ((((A) (B).,include 7.76Mt @ 22 g / t silver, 7.6% zinc, 1.08% lead (table 1).

Table 1: Summary of Clear Lake’s past estimated stock estimates, SRK Technical Report, 2010(1)

Tons
Millions
Ag.
(G / t)
zinc
(%)
Pb
(%)
Ag.
(Shrike)
zinc
(Mlbs)
Pb
(Mlbs)
7.76 22g / t Ag 7.6% 1.08% 5.5 5.5 1,300 185

A note that accompanies the Clear Lake estimation resource table:
(1) Mineral resources are historical in nature and were estimated by SRK in February 2010 for Copper Ridge Exploration Inc.
(2) Mineral resources have been classified according to the definition provided by the Canadian Mining Institute (“CIM”) as set forth in NI 43-101.
(3) Resource estimates are based on 63 drilling holes, a total of 13,168 meters of drilling.
(4) Mineral resources are reported with a cutoff of 4% (lead + zinc).
(5) Lead grade was limited to 1.5% and silver grade was limited to 60 g / t.
(6) Pb, Zn, and Ag grade values ​​were interpolated into 12m x 12m x 9m blocks using normal kriging (OK).
(7) Density model: All air blocks were assigned a value of zero and all waste blocks were assigned a value of 2.7 t / m.3 And all mineralization blocks were assigned 4.07 t / m3
(8) SRK has applied a minimum thickness requirement of 2 meters at all intersections used in the model.If the high-quality interval was less than the minimum thickness, the interval was not used to estimate the block model.

Clear Lake Mineralization and Geology:

The Clear Lake deposit occurs in the Arngroup shale from the Devonian to the Mississippian culture.

Base metal mineralization in Clear Lake occurs on two separate horizon. First, on the large sulfide-silicic horizon, more than 5% zinc-lead mineralization combinations occur in three elongated lenses 5-30 meters thick and 450 meters long. increase. The second tuff barite horizon, 75 meters from the hanging wall of the sediment, has several zinc intersections of over 10% over a width of 1-6 meters.

The deposits can expand deep and along strikes, and SRK’s 2010 report added a total of 1,500 meters to test the lateral and longitudinal ranges of mineralization at Clear Lake. It is recommended to drill 9 core holes. ((((A)...

Property size, infrastructure, access:

The Clear Lake property consists of 121 consecutive claims covering approximately 2,500 hectares, located 65 kilometers east of Perry Crossing, 90 kilometers northeast of Carmax and 225 kilometers north of Whitehorse. Winter Road connects accommodation with the all-weather North Klondike Highway, located approximately 65 km west of Pelly Crossing. The accommodation is located in a Category B residence within the traditional territory of the Serkirk indigenous people.

The Clear Lake property has a Class 3 land use approval valid until 2029. This allows for extensive diamond drilling, runway and trail network clearing.

Past research:

Most of the exploration work at Clear Lake was carried out by various mining syndicates and exploration companies in the mid-1970s and early 1990s. During this period, Clear Lake real estate was subject to several drilling campaigns, including a total of 18,219 meters of diamond drilling in 71 holes.

In addition to drilling, the work includes extensive bulldozer grids, line cutting and mapping, numerous geophysical surveys (electromagnetic (“EM”), magnetometer and gravity surveys), soil sampling programs, and foundation cultivation. A topsoil drilling program was included. This study led to the discovery of sulfide bodies in Clear Lake in 1978 by excavating gravity anomalies consistent with magnetic and EM anomalies.

CopperRidge Exploration Inc., which selected this property in 2008, has signed a contract with Geotech Ltd. to complete a helicopter-mounted VTEM survey and guided polarization and gravity surveys by tracking a large number of conductors identified in the VTEM survey. These targets were not drilled. Since 2008, Darnley Bay Resources and Eastern Zinc Corp have completed up to two biogeochemical sampling surveys in 2016 and 2018, respectively.

Figure 1: Past excavations related to the massive sulfide zone on the surface, SRK Technical Report, 2010((((A).
https://www.globenewswire.com/NewsRoom/AttachmentNg/705c8682-f8bf-4873-b107-7685919df301

Figure 2: Cross section of Clear Lake deposit, SRK technical report, 2010((((A).
https://www.globenewswire.com/NewsRoom/AttachmentNg/d8177504-a1e9-4814-96e0-7ddc4d8efb8b

Technical information for this news release is Heather Burrell, P. Geo, Senior Geologist, National Instrument 43-101, Archer, Cathro & Associates (1981) Limited. Approved by.

Note:
(A) Clear Lake Lead-Zinc-Silver Deposit, Yukon, SRK Consulting for Copper Ridge Exploration Inc., February 2010, Author Gilles Arseneau, Ph.D., P. Geo. , Donald G. MacIntyre, Ph.D. , P. Eng. , Review by Gordon Doerksen, P. Eng

(B) The resource estimates mentioned above are historical in nature. Past estimates are not made by us. We consider the 2010 historical estimates to be relevant and reliable given the high quality of the completed historical estimates and the fact that the estimates were made in accordance with NI 43-101. We cannot rely on our current mineral resources as we have not independently verified our resource estimates.

(C) ZINC INVESTING, SEDEX Deposits: Right Economics to Supply Global Zinc Demand, Investing News Network, April 5, 2018

On behalf of the board
Chad Williams
Chairman and Director

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ontario, with a focus on acquiring, developing and integrating additional Silver Ounce transactions. The company is headed by an experienced leadership team with a proven track record of value creation backed by a skilled technical team. Located in Ontario’s historic Thunder Bay Silver District-dominated land, with advanced projects including the Plata Property in the southeastern and southeastern Yukon Territory, 180 km east of the Keenow Hill Silver District. , HoneyBadgerSilver is in the top tier. Silver company.

For more information, please visit the website above or contact us below.
Christina Slater: cslater@honeybadgersilver.com
(647) 848-1009

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

Precautions regarding future prospects

This news release contains “forward-looking information” in the sense of applicable Canadian securities law, based on expectations, estimates, forecasts and interpretations as of the date of this news release. Information in this news release and other non-historical facts may be “forward-looking information.”

We believe that the assumptions and factors used in the preparation of information regarding the future outlook for this news release are reasonable, but are excessive for such information that applies only as of the date of this news release. You shouldn’t trust and can’t guarantee. It is assumed that such an event will not occur within the disclosed time frame or at all. We disclaim any intention or obligation to update or revise future outlook information as a result of new information, future events, etc., except as required by law.


CBJ News Maker

Canadian business journal Honey badger acquires 5.5 million ounces of silver (A) (B) historic resources in the clear lake deposits of the Yukon Territory

Source link Canadian business journal Honey badger acquires 5.5 million ounces of silver (A) (B) historic resources in the clear lake deposits of the Yukon Territory

Related Articles

Back to top button